CoreLogic Reports Drop in Distressed Home Sales

Today’s News Synopsis:


Interest rates for Fannie Mae and Freddie Mac mortgage modifications are expected to be lowered again to 3.624%, their lowest on record.  CoreLogic reported a drop in distressed home sales by 0.4% month-over-month and 2.9% year-over-year in February.  In an interesting story, the housing market is beginning to balance out with the slowdown in hot markets and upbeat in slow markets.


In The News:

Mortgage Professional America – “Morning Briefing: Hot markets slowing, slow markets heating up” (5-9-16)

“There are signs that the US housing market is starting to become more balanced with some of the hottest markets slowing down while the slower markets gather pace.”

DS New – “Where is Housing Growth the Strongest?” (5-9-16)

“Housing continued a strong expansion period this year, with one region in particular boasting the most startling rebound figures, according to reports.”

Bloomberg – “Inside the Real Estate Crowdfunding Land Rush” (5-9-16)

“Last month a Texas entrepreneur took to Craigslist with a surprising offer: For $50,000, the author of the listing would part with 5 percent of a real estate crowdfunding startup that he said would generate profit within three months.”

Mortgage Professional America – “CFPB wants to make it easier for customers to sue banks” (5-9-16)

“The Consumer Financial Protection Bureau has proposed a rule that would make it a lot easier for customers to sue their banks.  The CFPB’s proposed rule would prohibit binding arbitration clauses.”

DS News – “What Homebuyers Want in a Mortgage Provider” (5-9-16)

“When it comes to taking out a mortgage loan, more than half of all first-time homebuyers want to work with a company they consider trustworthy.”

Bloomberg – “Housing Optimism Hits Two-Year High as Canadian Confidence Rises” (5-9-16)

“Optimism for housing prices in Canada has reached a two-year high as consumer confidence continues its upward march.  The share of Canadians expecting home prices to increase in their neighborhoods over the next six months rose to 43.3 percent last week, the highest level since October 2014, polling for the Bloomberg Nanos Consumer Confidence Index shows.”

Mortgage Professional America – “Distressed sales continue to drop” (5-9-16)

“Distressed sales are continuing to drop, according to the latest data from CoreLogic.  According to the analytics firm, distressed sales accounted for 11.1% of total sales in February.”

Housing Wire – “Fannie Mae, Freddie Mac mortgage modification interest rate falls to new record low” (5-9-16)

“The benchmark interest rate set by Fannie Mae and Freddie Mac for standard mortgage modifications will drop to its lowest level ever later this week, as the government-sponsored enterprises adjust their standards to match the market’s “historically low” interest rates. ”

DS News – “The Road to Market Normality” (5-9-16)

“Recovery nationwide is rising at a steady pace and is inching closer to the last-observed state of normalcy in the housing market.”

Mortgage Professional America – “Single-close construction loans a growing business” (5-9-16)

“In addition to renovation lending, which they are very well known for, American Financial Resources (AFR) also does construction lending through what they call their Construction to Perm program through both FHA and VA.”


Hard Money Loan Closed

Lancaster, California hard money loan closed. Real estate investor received loan for $175,000 on this single family property appraised for $266,000.

Lancaster Hard Money Loan closed by the Norris Group


California Real Estate Investor Events

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with SDCIA on Tuesday, May 10.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with OCRE Forum on Wednesday, May 11.

Bruce Norris will be speaking at the AOA Million Dollar Tradeshow and Landlording Conference 2016 on Thursday, May 19.

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For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6 pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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